You have a steady flow of income, and you know how much you earn.

Holding down a job — or two — is a critical first step.
Thomson Reuters

If you're earning a regular paycheck, you're in a good place. Once you have that money coming in, knowing how much you earn logically follows.

We're not talking, "I earn $85,000 a year" — we're talking, "After taxes and any other withdrawals from my paycheck, I bring home $4,000 a month."

Living within your means is a critical part of staying in the black and growing your wealth, and first, you have to know what your means are. Without knowing how much money hits your bank account each month, how could you ever know how much is available to spend?

2/

You know how much you spend.

Being aware of your spending is important.
Bal Harbour Shops

The other half of knowing how much you earn is knowing how much you spend. Whether you use an app like Mint, LearnVest, or You Need a Budget to keep track of your monthly spending or you're a die-hard Excel addict, knowing how much money it takes to sustain your lifestyle is key.

Once you know how much you earn and how much you spend, some simple arithmetic will reveal how much you can afford to save, invest, or spend on high-tech headphones.

If you can afford your housing and utilities, basic food, transportation to work, student loan payments, and any other important, recurring needs every month without going into debt, you're off to a good start.

Once you have your immediate needs covered, you can turn your mind — and your money — to growing your wealth.

4/

... and you can buy things you want.

Every cent doesn't have to go to "needs."
Flickr / _dChris

If you can afford not only your monthly necessities, but also have the cash on hand to buy some of the things you want (think concert tickets, a trip to the beach, a bagel on the way to work when you have perfectly good oatmeal at home) without incurring any kind of debt, you're ahead of the game.

Not having to worry about whether you can afford lunch with coworkers or that cool embossed leather notebook you've been eyeing is a luxury.

5/

You're saving money.

Saving money to ensure a financial secure future can bring you peace of mind.
Shutterstock

If you can cover your necessities, afford things you want but don't need, and stash away funds for the future, you're doing something right.

Experts recommend leaving about six months of living expenses untouched in a savings account to serve as an emergency fund should something go wrong. Bonus points if you have or are building an emergency fund to protect yourself against future disaster.

6/

You've given some thought to your retirement.

Have you been able to look up from the day-to-day and zero in on the future? According to a 2015 global report issued by HSBC, 38% of working-age people haven't begun to save for retirement, and don't intend to.

If you have, you're on a good path.

Saving for retirement can take a few different forms — a company-sponsored 401(k) or an IRA are two of the most popular savings vehicles — but no matter how you choose to save, the best thing you can do is start early. That same HSBC report found that 36% of retirees wish they had started saving earlier, and 38% think it's prudent to start planning by age 30.

Even if you haven't started putting money away, even having considered what you want your retirement lifestyle to be like (Travel? Move nearer your family? Downsize your house? Take a part-time job to keep busy?) is a good start.

7/

You're planning ahead for a major purchase.

Buying a house, for instance, can take years of planning.
Flickr / Cole Camplese

Speaking of planning ahead: If you've foreseen, priced out, and started thinking about how to afford a purchase more than a few months from now, you're in good shape.

Whether you're saving for your kids to go to college, or to hold a wedding, or to take a big trip, setting financial goals complete with price tags is an important part of being smart about your money.

8/

You've checked your credit score and/or report.

Your credit score, a three-digit number based on the activity detailed in your credit report, is an indicator of your trustworthiness, and helps lenders decide whether they feel comfortable lending you money — which can make all the difference when it comes time to buy something major, like a car or home.

A survey from Bankrate.com found that less than half of Americans have checked their credit score in the last year (26% have never checked at all), and 35% have never checked their credit reports. By being unaware of their credit, they're setting themselves up for a potentially upsetting surprise the next time they apply for a loan.

Sites like CreditKarma, CreditSesame, and Credit.com will give you your score — or at least a very close approximation — for free. You can check your free credit report from each of the three credit bureaus once a year from AnnualCreditReport.com.

You aren't carrying any credit card debt.

Good debts come from investing in your future, such as buying a house or taking out loans for a college degree. Bad debts, along with typically high interest rates, don't help you build wealth or assets. The prime example of bad debt is credit card debt, and if you don't have any, you have a leg up on the 34% of Americans who do.

According to that study, more than 40% can't accurately say how much their partner earns, and there are disconnects on how much couples have in investable assets, how they expect to live in retirement, and how they're planning for retirement at all.

Needing to do research means you have more than one option, which in turn means you have the money available to afford multiple options, as well as the sense to realize that one might benefit you more than the rest and the diligence to figure out which one that is.